Dow falls 800 points on China trade confusion and mounting fear tariffs are choking global growth
"The market is reassessing if anything tangible happened at the Trump-Xi dinner," said one investment strategist.
The Dow Jones Industrial Average fell by almost 800 points Tuesday, to close at 25,027, continuing a shaky start to the week prompted by confusion over a thaw in U.S.-China trade relations.
The Dow finished the day down 3.06 percent. The S&P 500 lost 3.2 percent of its value, and the Nasdaq fell by 3.8 percent.
On Tuesday, Trump tweeted, "The negotiations with China have already started. Unless extended, they will end 90 days from the date of our wonderful and very warm dinner with President Xi in Argentina."
However, no joint statement from the U.S. and Chinese trade teams was issued after the leaders of the world's two largest economies met on the sidelines of the G-20. While the Chinese Foreign Ministry acknowledged that further talks on tariffs would proceed, Beijing has yet to corroborate details on any major parts of the trade agreement, with Chinese state media avoiding any reference to a 90-day condition, nor did it mention an agreement to unilaterally reduce car tariffs.
“The market is reassessing if anything tangible happened at the Trump-Xi dinner,” Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management Company, told MarketWatch.
Source - https://www.nbcnews.com/business/markets/dow-falls-700-points-fears-mount-tariffs-are-choking-global...
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" ) " - Anonymous
